Class Action Against Savient Dismissed

Law360, New York (October 30, 2006, 12:00 AM EST) -- A class action securities lawsuit charging that Savient Pharmaceuticals Inc. and three of its former officers defrauded investors by overstating the company’s financial results as well as the appeal of its weight-gain drug Oxandrin has been thrown out of a New Jersey federal court.

On August 10, 2005, the court granted motion a motion by Savient—formerly known as Bio-Technology General Corp.—to dismiss the case, but left the door open for the plaintiffs to file a revised complaint, which they did in October 2005.

Last Thursday, U.S....
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